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DRAFT Comprehensive Fire Service Study MEDINA, MINNESOTA <br /> <br />Matrix Consulting Group Page 106 <br />be co-signed by two officials designated by the Board. <br /> <br />j. Annual Audit. The Board shall cause to be made an annual audit of <br />the books and accounts of the NAFRS, consistent with the <br />requirements of the State Auditor, and shall make and file such annual <br />audit report to its Members within four (4) months after the end of each <br />fiscal year (January 1-December 31), which includes but is not limited <br />to the following information: <br /> <br />i. The financial condition of the NAFRS and all revenues and <br />expenditures; <br />ii. The status of all NAFRS activities and projects; <br />iii. The business transacted by the NAFRS; and <br />iv. Other matters which affect the interests, operations or <br />finances of the NAFRS. <br /> <br />The audit shall be contracted out to an external professional auditing <br />firm not associated with the NAFRS and such auditor shall be <br />designated to ensure that the NAFRS and its finances and accounting <br />are in compliance with all applicable legal and auditing requirements, <br />proper fire service standards and practices, and effective financial <br />controls. <br />